Medical device company dedicated to healing diabetic foot ulcers secures financing and graduates from Innosphere incubator program
Colorado, Jan. 10, 2020 (GLOBE NEWSWIRE) — Vaporox, a Denver-based Innosphere Client Company dedicated to healing diabetic foot ulcers (DFUs), announced this week the closing of its initial round of funding. The $1.5M investment will be used to develop the reimbursement process for providers of the technology and design the company’s second generation device.
Vaporox’s VHT technology is FDA-510K-cleared and has already demonstrated exceptional healing rates in clinical studies. The company is positioning itself for large scale rollout in the U.S starting in early 2021.
Technology developed by Vaporox is used to treat patients with chronic diabetic foot ulcers, which are present in up to 6% of the 30 million Americans with diabetes. “It is disheartening that the best current treatments only heal roughly half of these wounds, while the remainder face the scary risk of limb amputation which can lead to early death in these patients,” said Alan Sage, CEO of Vaporox. “We at Vaporox are proud to give hope to this community by closing the majority of the wounds we treat.” The VHT device has demonstrated an 80% or better healing rate in clinical studies.
During the company’s recent growth, Vaporox leveraged Innosphere’s commercialization expertise in pitch development and fundraising to pitch to a large pool of angel investors and early stage venture capital firms. The company has won two pitch competitions: Venture Bucks competition at the 2019 Angel Capital Summit sponsored by the Rockies Venture Club, and the Power Ranking Championship at Denver Startup Week sponsored by TiE Denver.
As a result of the successful funding round close, Vaporox graduates from Innosphere’s program, Colorado’s leading incubator for science and technology-based companies. “It is always exciting to watch our client companies reach their goals, and especially rewarding when the technologies they create make an impact on so many lives,” said Scott Sampl, Innosphere COO. “Vaporox is drastically changing the outcome for many diabetics suffering from skin wounds with their breakthrough technology.”